TNB, Pharmaniaga, MyEG, Sunsuria, Propel Global, Hextar, Global, Bintai Kinden, HeiTech Padu, Theta Edge, Signature International, Tanco, AWC, XOX, EcoFirst

TheEdge Thu, Sep 14, 2023 11:21pm - 8 months View Original

KUALA LUMPUR (Sept 14): Here is a brief recap of some corporate announcements that made news on Thursday: Tenaga Nasional Bhd, Pharmaniaga Bhd, MyEG Services Bhd, Sunsuria Bhd, Propel Global Bhd, Hextar Global Bhd, Bintai Kinden Corp Bhd, HeiTech Padu Bhd, Theta Edge Bhd, Signature International Bhd, Tanco Holdings Bhd, AWC Bhd, XOX Bhd and EcoFirst Consolidated Bhd.

Tenaga Nasional Bhd’s indirect 70%-owned subsidiary Southern Power Generation Sdn Bhd has been allowed by the High Court to proceed with its challenge of additional tax assessments from the Inland Revenue Board amounting to RM78.49 million via a judicial review. The court also granted the unit an interim stay of all further proceedings, including enforcement of the notices of assessment, until a hearing fixed for Jan 11, 2024.

Pharmaniaga Bhd's appeal for a standalone second private placement of some RM50 million has been dismissed by Bursa Malaysia Securities, leading the company to include the private placement in its regularisation plan as a PN17 company. The plan is expected to be submitted by the third quarter this year and finalised by 1Q2024. Its first placement raised RM45.86 million in July.

MyEG Services Bhd’s concession in providing foreign worker permit renewal services “had not been suspended since February of this year”, as it continued to face calls to reimburse employers that had paid upfront for its services. It emphasised that it is company policy to refund its customers upon request, should its services be unsuccessfully rendered.

Sunsuria Bhd has partnered with Australian integrated cancer care provider Icon Group to set up and operate oncology centres in the country. Its wholly owned subsidiary Sunsuria Healthcare Sdn Bhd inked a shareholder’s agreement with Icon Asia Holdings Pte Ltd to form a joint venture company called Icon Sunsuria Sdn Bhd. Icon holds a 70% stake in the JV, while Sunsuria Healthcare owns the remaining 30%.

Propel Global Bhd is disposing of its entire 55% equity interest in Propel Chemicals Sdn Bhd to Hextar Kimia Sdn Bhd, which is 49% owned by Hextar Global Bhd, for RM16.5 million cash. It has entered into a term sheet with Hextar Kimia to set out the key commercial terms and conditions, subject to the signing of a definitive share sale agreement within one month.

Axbena Sdn Bhd has decided to drop the RM27.7 million lawsuit against Johnson Medical International Sdn Bhd, an indirect subsidiary of Bintai Kinden Corp Bhd, after the parties involved reached an amicable settlement resulting in the resolution of the dispute. Axbena filed a notice of discontinuance in respect of the suit with no legal cost, and without liberty to file afresh.

HeiTech Padu Bhd has bagged a RM40.93 million contract from the Ministry of Education (MOE) for the rental of eco-friendly laptops that meet green requirements on a lease-to-own model for the use of school teachers and educational institutions located in Zone 7: Kelantan and Terengganu.

Separately, Theta Edge Bhd said its wholly-owned subsidiary Theta Technologies Sdn Bhd has also accepted an LoA from MOE under the same programme, but this time for Zone 1: Selangor. The total value of its contract is RM47.4 million. Both contracts are for a period of 63 months commencing from Sept 15, 2023.

Signature International Bhd has disposed of 28 million shares of property developer Tanco Holdings Bhd, equivalent to a 1.42% stake, for a total of RM15.53 million or an average price of 55 sen per share between Aug 1 and Sept 12 this year. The disposal is to realise funds and the proceeds will be used for working capital and repayment of bank borrowings. At 53.5 sen apiece, shares of Tanco had risen 59.7% this year, and 72.58% in the last 12 months.

AWC Bhd announced it is buying the remaining 49% stake it does not own in automated waste collection system provider Stream Group Sdn Bhd, for RM110 million. It is also taking over the remaining 51% stake that Stream Group does not own in Premium Patents Sdn Bhd, which holds the intellectual property rights of assets required for Stream Group's current business, for RM1.

XOX Bhd has entered into a fresh memorandum of understanding with the Ipoh City Council for a proposed technology collaboration. The term of the new MOU is one year and will replace and extend the MOU that was previously entered between MBI and the company on May 24, 2022.

EcoFirst Consolidated Bhd announced Datuk Teoh Seng Kian as its executive director and said he has ceased to be its alternate director, effective Sept 14. He is brother to Datuk Dr Teoh Seng Foo, who is the president and executive director of the company; and is also the brother of Teoh Seng Aun, who is the director of EcoFirst’s major subsidiaries, as well as a substantial shareholder. Seng Kian, 63, was appointed as alternate director to Seng Foo on Dec 1, 2009.

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